Golub Capital BDC (GBDC) Q3 FY26 earnings call

Golub Capital BDC reported improved Q3 FY26 performance, driven by a significant reduction in adjusted net realized and unrealized losses, though overall adjusted ROE remained below historical averages. The core debt portfolio demonstrated stability, with the majority of losses stemming from junior debt and equity positions. Management emphasized the health of the vast majority of the portfolio and its strong underwriting capabilities in a period of sustained elevated credit stress across the industry, positioning the firm for continued outperformance.